VietinBank staff is serving a man with banking procedure in the province of Dak Lak.— Photo baodaklak.com

HA NOI (Biz Hub) — Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) was appointed as the serving bank for a rural infrastructure development project on March 24.

State Bank of Viet Nam (SBV) Governor Nguyen Van Binh announced the bank's appointment for the project, which will develop production in the Central Highlands region. The project will be funded by the Asian Development Bank (ADB), with US$80 million from the Asian Development Fund's concessional loans for five years from 2014.

The project aims to reduce poverty through the sustainable development of the local society, economy, eco-system, infrastructure and the living standards of people in the provinces of Lam Dong, Dak Nong, Dak Lak, and Gia Lai, as well as Kon Tum. It will also directly support the National Target Program on New Rural Development, stated SBV.

The SBV governor requested the VietinBank general director to implement all regulations and guidelines from the central bank, the Ministry of Finance and the ADB to better serve the project. — VNS